ABC Arbitrage SA Decreases Holdings in Loews Corporation $L

ABC Arbitrage SA reduced its holdings in shares of Loews Corporation (NYSE:L) by 69.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,554 shares of the insurance provider’s stock after selling 10,313 shares during the period. ABC Arbitrage SA’s holdings in Loews were worth $486,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in L. Norges Bank bought a new stake in Loews in the fourth quarter worth $577,279,000. Goldman Sachs Group Inc. lifted its stake in shares of Loews by 32.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider’s stock valued at $340,986,000 after acquiring an additional 786,381 shares during the last quarter. Caisse de depot et placement du Quebec lifted its stake in shares of Loews by 819.0% in the 4th quarter. Caisse de depot et placement du Quebec now owns 448,032 shares of the insurance provider’s stock valued at $47,182,000 after acquiring an additional 399,281 shares during the last quarter. Danske Bank A S purchased a new stake in Loews during the 3rd quarter valued at about $35,724,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Loews by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock valued at $419,581,000 after acquiring an additional 344,995 shares during the period. 58.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (a-)” rating on shares of Loews in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy”.

Loews Price Performance

Shares of NYSE L opened at $116.50 on Tuesday. Loews Corporation has a 1 year low of $89.32 and a 1 year high of $119.10. The stock has a market capitalization of $23.97 billion, a P/E ratio of 14.80 and a beta of 0.52. The company’s 50-day moving average is $108.92 and its 200 day moving average is $108.12. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.36 and a quick ratio of 0.36.

Loews (NYSE:L) last posted its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter. The business had revenue of $4.55 billion during the quarter. Loews had a return on equity of 8.51% and a net margin of 8.83%.

Loews Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, May 27th. Loews’s dividend payout ratio (DPR) is 3.18%.

Insiders Place Their Bets

In other news, Director Dino Robusto purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the purchase, the director directly owned 10,235 shares in the company, valued at approximately $1,072,013.90. This trade represents a 95.51% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 19.00% of the stock is currently owned by company insiders.

About Loews

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.